Galois Capital, one of the world's largest cryptocurrency-focused quant funds, has announced its exit after losing a significant portion of its capital in the FTX crash, the firm said in a tweet on Monday.
"Thank you all for the kind words. Yes, our flagship fund is indeed closing," Galois Capital tweeted after the FT reported the fund's closure. In November, CoinDesk reported that Galois Capital had $40 million stranded at FTX. At the time, Zhou told his investors it would take several years to get back a "certain percentage" of their money. "We will work tirelessly to maximize our chances of recovering stranded capital in any way we can," he told investors at the time.
The Financial Times reported that Galois sold its bankruptcy claims for 16 cents. In January, CoinDesk reported that FTX claims were fetching around 13 cents on the bankruptcy marketplace Xclaim.
"From the luna crash, to the 3AC [Three Arrows Capital] credit crisis, to the FTX/Alameda failure, this whole sad story has definitely set the crypto space back significantly," Zhou wrote in a report seen by the Financial Times road. “However, even now, I remain hopeful about the long-term future of cryptocurrencies.”
